ANZ Bank says reaches settlement over rate rigging

[BENGALURU] Australia and New Zealand Banking Group Ltd said it has reached a deal with the Australian Securities and Investments Commission (ASIC) to settle court proceedings relating to possible manipulation of the bank bill swap rate.

ANZ, Australian's No 3 lender, declined to say how much it would have to pay under the terms of the settlement, stating that it had reached a "confidential in-principle agreement" with the regulator.

The financial impact of the settlement will be reflected in the bank's fiscal 2017 earnings due later this week, the bank said in a statement.

REUTERS